Constantly increasing complexity and standards in global regulation are leaving financial institutions struggling to keep up with new demands. Firms are forecast to spend an astonishing $181 billion in compliance-related costs*, yet banks just cannot get away from the legacy problems of KYC, such as high backlogs, resourcing issues, poor customer experiences and slow time-to-product access.
So how should KYC be done? In this paper, we envision a state of KYC, done right. We call that Perpetual KYC – or pKYC – which is not a big leap into the unknown, but a process which can realise iterative benefits along the way, wherever you are in the maturity curve.
Download our article to discover:
1) What Perpetual KYC (pKYC) is, along with its benefits to financial services firms
2) Where banks sit on the scale of trusted organizations, when it comes to customer data sharing
3) Where your organization is in its KYC journey – stages 1 to 5
4) The tools and technology to unlock pKYC
5) Where to begin.
The time for change is now. Connect with us to see how we can support you on your journey.
*True Cost of Financial Crime Compliance Study Global Report, LexisNexis, 2020.